Monthly Archives: February 2020

Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made [...]

Tax credits may help with the high cost of raising children2020-02-25T15:30:41+00:00

Do you run your business from home? You might be eligible for home office deductions

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture [...]

Do you run your business from home? You might be eligible for home office deductions2020-02-24T17:16:35+00:00

How business owners may be able to reduce tax by using an S corporation

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92.35% of [...]

How business owners may be able to reduce tax by using an S corporation2020-02-19T14:02:06+00:00

Reasons why married couples might want to file separate tax returns

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable [...]

Reasons why married couples might want to file separate tax returns2020-02-18T15:46:05+00:00